Europe folds like a cheap suit – winds down import of Iranian oil


 

This didn’t take long now did it? Europe huffs and puffs.The media are so sure that Trump is wrecking our important relationships with our allies across the pond.

This as we just celebrated D-Day when we gave up our precious treasure of blood and life of our  young men for them. And Germany? What penance are you willing to give to us for us having to shed blood twice last century for your attempt at self-aggrandizement.

Even today, we pay for Europe’s security and now we ask you all to kick into the kitty by engaging in FAIR trade with us. So we want Europe’s support in fixing the feckless Iranian deal. After much bluster it looks like they are caving like a cheap suit:

After an initial hesitance over how the returning U.S. sanctions will affect Iran’s oil buyers, European refiners are beginning to wind down purchases from Iran after tanker providers, insurers, and banks began to shun Iranian deals and destinations for fear of exposing themselves to secondary sanctions.

Several large European companies in France, Spain, Italy, and Greece are reportedly admitting that they won’t risk U.S. sanctions and are unable to find tankers and insurer providers willing to facilitate shipments of Iranian oil to Europe, Reuters reported on Wednesday, citing company and trading sources.

Iran’s total oil exports have averaged around 2.5 million bpd in recent months, peaking in April, just before the U.S. withdrew from the Iran nuclear deal. Iran says that its May oil exports were higher than this year’s average, but it now looks like European refiners are choosing not to risk and have started to figure out ways to wind down Iranian oil purchases.

Iran’s oil exports to Europe account for around one-fifth of the total, while most of the Iranian crude goes to China and to India.

“We cannot defy the United States,” a senior source at Italy’s Saras, which operates a 300,000-bpd refinery on the island of Sardinia, told Reuters.

“It is not clear yet what the U.S. administration can do but in practice we can get into trouble,” the source noted.

A drop in crude trading between Iran and Europe could complicate efforts by the European signatories of the nuclear deal – France, Germany and Britain – to salvage the agreement.

Refiners including France’s Total, Italy’s Eni and Saras, Spain’s Repsol and Cepsa as well as Greece’s Hellenic Petroleum are preparing to halt purchases of Iranian oil once sanctions bite, the sources said.

H/T: Oilprice.com

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6 Responses to “Europe folds like a cheap suit – winds down import of Iranian oil”

  1. If All You See… » Pirate's Cove Says:

    […] blog of the day is Bunkerville, with a post on Europe and Iranian […]

    Liked by 1 person

  2. Mustang Says:

    Opinions are much like butt holes; everybody has one. Mine is that national governments develop policy that best serve the interests (or perceived benefits) of their own country. (Note: if this is true for nations, it is most certainly true among individuals, which is the genesis of our political distress, as well). We should therefore predict that European nations (or the Union, as a whole) will act in their own interests. They, in turn, should expect Donald Trump to act in the best interests of the United States and its people —which is why we elected Trump as our president. (I’m not sure why the American people chose Barack Hussein Obama twice; maybe it was that hopey-changey thing). Our history with other nations (which is to say, past and present) have little to do with trade relations going forward. Nations trade with one another because each side perceives that doing so will advance their short and long-term interests. Mr. Trump should develop his policies with a distinct emphasis on what is best for the American economy … and if these trading partners choose to go their own way, so be it. They may quickly find that going their own way is NOT in their best interests and no one in the United States (except for venture capitalists) should give a damn one way or the other … so long as Mr. Trump’s policies do, in fact, help our economy. We could move this discussion about national interests into a discussion about immigration, as well. It is difficult for me to understand how open borders within EU countries benefit the people living in those countries, who, as citizens, deserve first consideration in the formation of national policy. What we can observe today is that national legislatures fear any policy that will upset the Moslem applecart; they brought this debacle upon themselves (as we are doing, as well). If EU nations today fear a backlash from Iran, or the Moslems that live within their borders, then perhaps they should not only reevaluate their trade policies, but their immigration policies, as well. No government should become hostage to the demands of ethnic minorities, no matter where they come from. It is said that necessity is the mother of invention. Perhaps an Iranian backlash against EU nations would cause those governments to seek out alternative sources of energy, which is going to happen anyway (sooner or later). Now personally, I would love to see Middle Eastern nations declare a third world war against western societies. It may even cause Europeans to grow a set of balls and I have to say that the very thought of stamping out those Islamic cockroaches is enough to make this old man to want to return to active duty.

    Liked by 1 person

    • bunkerville Says:

      I could not agree more… I am not sure why they -Europe- keeps thinking we are going to keep taking care of them… If they had pay the true cost of their defense they would never had been able to enjoy the glorious socialism they they have had.
      Don’t call us the next time they have trouble with their muslim hordes.

      Like

  3. petermc3 Says:

    Surely though, even as the flow of Iranian oil into these Euro-Rat countries may be (temporarily we can be sure) disrupted they will not be deterred from continuing their cultural lemming march as their policies of importing muslim emigres go unabated.

    Liked by 2 people

    • bunkerville Says:

      Yes… but its fun watching them sweat a bit. Hope Trump nails them at the summit.

      Liked by 1 person

      • petermac3 Says:

        Yeah. Anything to upset the left.

        Liked by 1 person


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